Philippine Accounting Updates

Trade online and earn more during COVID-19

To start, this is an investment/trading strategy that is high risk but high return. As COVID-19 continues to spread, a lot of workers are now working from home, working on reduced work days or laid-off. You are lucky if you still have a job. That is why alternative source of income is very important, like…

Remember to file General Form Financial Statements (GFFS)

Posted on August 3, 2020 by Joanna C. | 0 Comments

Congratulations for successfully filing your 2019 audited financial statements! But you might be missing another report for filing with Securities and Exchange Commission (SEC) – the General Form Financial Statements (GFFS) and Special Form Financial Statements (SFFS) for entities falling under specific industry/category. In this article, we’ll focus on GFFS as it’s common for stock…

Clarifications on filing of BIR Form No. 1709 or Related Party Transaction form

The Bureau of Internal Revenue recently issued Revenue Regulations (RR) No. 19-2020 introducing BIR Form No. 1709, replacing form no. 1702H series of 1992. BIR Form No. 1709 is also called Related Party Transaction (RPT) form. Various issues and questions arose from different parties related to the issuance of the RR, prompting the BIR to…

VAT on Digital Services (Netflix, Spotify, Lazada) in PH? Agree?

Posted on July 29, 2020 by Joanna C. | 0 Comments

The government may be in dire need of revenue source as the pandemic goes on and billions of borrowing have been or are being spent to recover. While the government commits to pass a tax reform that will help the country and the economy recover, through the Corporate Recovery and Tax Incentives for Enterprises Act…

Online Businesses should Register and Comply with their Tax Obligations

Posted on July 29, 2020 by Joanna C. | 0 Comments

As we suffer an international health crisis brought about by the COVID-19 pandemic, many businesses and companies were forced to put a halt in their operations and to lay off many of their workforces. For many, they can’t rely on the support coming from the government alone. Due to this event, many Filipinos were forced…

Application for accreditation of CPAs in C&I extended till December 31

Posted on April 26, 2016 by BOA Secretariat | 0 Comments

Due to persistent demand from the various stakeholders, Professional Regulations Commission (PRC) and Board of Accountancy (BoA) isssued Resolution No. 2016-115 extending the deadline for the filing of the application for accreditation for CPAs in Commerce and Industry to December…

Earn up to 85% of your investment in 30 minutes

Posted on April 21, 2016 by Orlando Calundan | 0 Comments

There are easy ways to earn money without being scammed, do you agree? First of all, I want you to be aware that this is a “high risk, high return” investment strategy. You may loss your entire investment too soon…

MSME seek exemption from CPA management

Posted on April 18, 2016 by Orlando Calundan | 1 Comment

MANILA, Philippines – The Board of Accountancy (BOA) has agreed to work on the exemption of micro, small, and medium enterprises (MSMEs) from engaging certified public accountants (CPAs) to prepare and sign companies’ financial statements, the Philippine Exporters Confederation Inc.…

Use the updated eBIRForms version 6.0

Posted on April 5, 2016 by Orlando Calundan | 20 Comments

Update: Current version of eBIRForms Offline Package is v7.6.1. Click here to download this latest version. Taxpayers are now filing their tax returns in the hope of avoiding the rush where they need to queue in a very long line or…

Emerging trends of external reporting

Posted on April 1, 2016 by BOA Secretariat | 0 Comments

Organizations are using integrated reporting (IR) to communicate a clear, concise, integrated story that explains how all of their resources are creating value. IR is helping businesses to think holistically about their strategy and plans, make informed decisions and manage…

When will I reap the benefits of my hard work?

Posted on March 16, 2016 by BOA Secretariat | 0 Comments

The accountancy world in the Philippines was awakened with the issuance of a number of regulatory measures by the Board of Accountancy at the start of the year. These included such measures as the requirement for the issuance of the…

Reduce the financial-statement disclosures

Posted on March 16, 2016 by BOA Secretariat | 0 Comments

(First of two parts) Financial statements in the Philippines for companies reporting under Philippine Financial Reporting Standards (PFRS), or its little brother, PFRS for small- and medium-sized enterprises (SMEs) are notorious for the horrendous disclosures attached to the financial statements.…

Updated Deadlines for Compliance with BOA Requirements

Posted on March 1, 2016 by BOA Secretariat | 0 Comments

Due to the requests of various stakeholders and the need to issue clarificatory and implementing guidelines, the deadlines for the following have been or will be extended or retained: For filing of application of accreditation of CPAs in Commerce and…

Auditing the auditors (Part 1)

Posted on February 25, 2016 by BOA Secretariat | 0 Comments

In the recent years, auditing the auditors has become a global development in the accountancy profession amid news of inappropriate financial reporting or accounting scandals happening around the world. A number of national professional regulators have responded accordingly to these…

Accreditation application deadline for Commerce and Industry extended

Posted on February 17, 2016 by BOA Secretariat | 0 Comments

The Board of Accountancy (BoA) approved the extension of the deadline of February 29, 2015 for the filing of the application for accreditation by CPAs in Commerce and Industry (C&I) in its meeting last February 11, 2016. The accreditation of…

PCHC’s Check Image Clearing System & Others

Posted on February 3, 2016 by Orlando Calundan | 0 Comments

The Philippine Clearing House Corporation will implement Check Image Clearing System (CICS) starting middle of 2016, specifically in March 2016. In connection with this, we previously written an article entitled “Banks will no longer accept checks with erasure/alteration effective January 4,…

‘I am Acct’ (Part 2 of 2)

Posted on February 3, 2016 by BOA Secretariat | 0 Comments

Last week I discussed in this column the interesting, if not puzzling, situation why accountants prefer to profess their professional attainment by putting their title CPA at the end of their names and not in front of their names. We…